comparison of Corporate

person vs
individuals
 Insolvency Resolution for
Process Corporate person Fresh Start (applicable for Individuals etc
PF and Indls)
• GAIncome<60000
• GAg Assets<20000
CD,FC or OC on occurrence of default
• Ag QD<35000 A debtor under sec 94 or a creditor
who can apply • not an undischarged bankrupt under sec 95
under sec 7 ,9,10
• does not own a dwelling unit
• FSP or BP is not subsisting
• No previous FSP in last 12 month
a person first can consider fresh start
additional criteria under sec 80 if it fails then an
application under sec 94 or 95 is filed

time for acceptance /rejection 14 days from receipt

Min Default amt

100000 1000 1000

as per sec 11
who can not apply those not covered under eligibility

• Public notice in form A

• Written consent to act as RP Form AA
• Consent to act as AR From AB
• Operational Creditor Form B
• FC form C
• FC in a class Form CA Not Applicable
which form applicable • Workman Form D Same as CP
• AR of workman Form E
• other Creditors Form F
• withdrawal of Application Form FA
• EOI Form G
• Compliance Form H
 Insolvency Resolution for
Process Corporate person Individuals etc
Fresh Start

On application filed under sec 80 On application filed under sec 94 or

No such event
Interim moratorium and cease on the date of admission 95 and cease on the date of
or rejection of application admission or rejection of application

• Application filed with the name of

appointment of Interim
resolution professional
proposed IRP and AA in 14 days
finds the application complete and no Not applicable IR is appointed directly Not applicable IR is appointed directly
proceedings are against the IRP then
will accept the application else will
reject

sec 21
First meeting of COC to be held
within 7 days of constitution and
COC shall in first meeting by 66 %
majority either appoint IIRP as IRP
appointment of resolution
or shall replace another IRP with
professional IIRP
In the event no RP is appointed till 2.) if filed by debtor AA shall ask board 2.) if filed by debtor AA shall ask board
40th day the IIRP shall
automatically be called IRP till new
appointment
Examination of application Not applicable
by RP
Sec 82
1.)if application is filed through RP then
AA shall forward the name to board
within 7 days for confirmation .The
board will approve or reject with
alternate name
for a RP within 7 days of receipt of
application who shall provide in 10 days who shall provide in 10 days (17 days
Sec 83
Shall examine within 10 days and
submit report either accepting or
rejecting
Sec 97
1.)if application is filed through RP then
AA shall forward the name to board
within 7 days for confirmation .The
board will approve or reject with
alternate name within 7 days (total 14
days)
for a RP who shall provide in 7 days
total)
Sec 99
Shall examine within 10 days and
submit report either accepting or
rejecting
 Insolvency
Resolution for
Process Corporate person
Fresh Start Individuals etc

Sec 100
Admission or rejection See on second previous Sec 84
within 14 days of report by
by AA slide within 14 days of report by RP
RP
Sec 85 Sec 101
Moratorium On the date of acceptance
On the date of acceptance by On the date of acceptance
by AA
AA by AA
Sec 86
a creditor can file within 10
days from receipt of order
under sec 84 and the RP shall
Objection by creditor Not applicable examine and within 10 days na
shall either amend the list,
apply to AA for directions
under sec 90 or take any
other step

Sec 87
Application against debtor or creditor to apply with
Not Applicable na
decision of RP AA within 10 days who shall
take decision under 14 days
 Process Corporate person Individuals etc
Fresh Start

Sec 102
FSP ends once accepted so no
Public Notice 3 days of appointment of IP within 7 days of order under sec
further proceedings
100

14 days from appointment of IP

Time limit to file claims however if a creditor fails to file then
Not Applicable 21days
can file on or before 90th day of I
commencement date

Verification of claims 7 days Not Applicable RP Shall prepare list

within 2 days of verification and

constitution of COC Not Applicable Not Applicable
shall file a report to AA

 Sec 92-Discharge order

The RP shall prepare a final list
of QD and submit it to AA at least Sec 104
Preparation of list Not applicable
7 days before end of moratorium 30 days from notice
 AA shall pass a discharge
order at the end of moratorium

The debtor in consultation with RP

Repayment /Resolution Plan Not Applicable Not Applicable
shall prepare

within 21 days from the last date

Report by RP on RPlan Not Applicable
of filing claims under sec 102

Debtor is discharged from QD

Effect of Discharge order
 Insolvency Resolution for
Process Corporate person
Fresh Start
Individuals etc

7 days of appointment but not later than

appointment of RV 47 th day shall appoint 2 valuers
Not applicable notice to be given 14 days advance

withdrawal of application before EOI Not applicable

on or before 75th day

Ascertain PT,UT,ET ascertain value on or before 115th day Not applicable
apply to AA before 135th day

submit to each member of committee in

eform within 2 weeks of appointment but not
Information memorandum later than 54th day from insolvency
Not applicable
commencement date

not later than 75th day from ICD giving

Expression of interest time for submission not less than 15 days Not applicable
from invitation

to be submitted to the committee and to all

Provisional RA list prospective RAs within 10 days from last Not applicable
day of submission of EOI

within 5 days and RP should issue final list

objection to RA list within 10 days of objection
Not applicable

within 5 days of Provisional list issuance

Request for Resolution Plan giving time not less than 30 days
Not applicable

The RP shall submit all complete plans to committee

Submission of RP to who shall approve one of them and that plan shall
Not applicable
be submitted to AA at lest 15 days before max time
committee for the IR process

Process
applicant
class of creditors
Eligibility for Resolution professional
written consent of proposed resolution
professional
written consent of AR of creditors
claims by creditors in class
Last date for submission of claims as per
public announcement
Failure to submit claim 12(2)
differences
Corporate person Fast track
person making application under sec 7 9 or 10 person making application under chapter IV part II
a class with at least 10 financial creditors under sec
21(6A)(b)
no such concept
the partner or director of a legal or a consulting the partner or director of a legal or a consulting
firm, that has or had any transaction with the firm, that has or had any transaction with the
corporate debtor amounting to five per cent or corporate debtor amounting to ten per cent or
more of the gross turnover of such firm during more of the gross turnover of such firm during
last 3 FYs last 3 FYs
for appointing or removal and appointment of another RP
no such concept
written consent required in for AA
in form AB required no such concept
In form CA No such claim
within 14 days from the appointment of Interim within 10 days from the appointment of Interim
resolution professional resolution professional
a creditor who fails to submit proof by last date as above
here he can file till the approval of resolution plan by
can submit before 90th day from insolvency
committee

Process
Notice of COC meeting
Appointment of valuer
appointment of valuer in how
many days
withdrawal of application
Information memorandum
Filing report on constitution of
differences
Corporate person Fast track
minimum 5 days notice minimum 7 days notice
2 valuers and if the value is not similar
then a third may be appointed
only one
min 7 days of appointment and max 47
within 7 days of appointment
days from ICdate
before inviting EOI under form G in form
FA
no such concept
to be submitted in eform to to each
COC member within 2 week of his
appointment but not more than 54th
no such concept
day of ICdate
on or before 21 days of the
within 2 days of verification of claim appointment